JMO board proposes new dividend distribution policy

Added 11th July 2016

JPMorgan Overseas Investment’s board will propose a new dividend distribution policy to shareholders.

JMO board proposes new dividend distribution policy

The board will also propose changing the company name to JPMorgan Global Growth & Income, in order to reflect the revised distribution policy.

The changes, which would be effective for the year commencing 1 July 2016, are designed to widen the appeal of the vehicle as investors continue to gravitate towards strong yielding investments due to the low interest rate environment, said the company.

The board has proposed that the company will set a target dividend each financial year equal to at least 4% of its NAV as at the end of the preceding financial year.

Target dividends will be announced at the start of each financial year to provide clarity and dividends will be paid by way of four equal interim dividends payable in October, January, April and July each year.

“Investors are increasingly seeking a reliable level of income alongside capital growth and this demand for income generating investments has become firmly entrenched,” said chairman Nigel Wightman.

There will be no changes to the company’s investment policy, the investment manager’s approach or the current benchmark but the company is expected to sit within the AIC Global Equity Income Sector.

"The proposed changes to the company’s dividend distribution policy will widen the appeal of the vehicle, providing a yield that is expected to be in line with the global income sector and should help to narrow the discount,” added Wightman.

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